Virgin Galactic leaders in front of the New York Stock Exchange, from left: CEO George Whitesides, founder Richard Branson and CEO Shamat Palihapitiya.
SPAC in Palihapitiya, or Special Purpose Acquisition Corporation, Virgin Galactic introduced to the public in October 2019. The company’s stock has seen choppy trading since then — climbing above $60 a share in the previous months. Sir Richard Branson space flight testbut recently retreated from the price of its public offering with Delayed start of commercial service more than two years of the company’s expectations.
Former Chairman of the Board of Directors Sold his personal stake in Virgin Galactic in early 2021 It was worth over $200 million at the time. But Palihapitiya indirectly owns about 15.8 million shares through Social Capital Hedosophia Holdings.
In a statement, Palihapitiya said he is leaving “to focus on other current and upcoming general board responsibilities” but is “proud to leave the team in capable hands” and looks forward to “one day traveling into space with them”.
Virgin Galactic stock changed little in pre-market trading from its previous close of $9.01 a share.
“We have always known that the time will come when he shifts his focus to new projects and tasks. I am grateful for all that Chamath has done for our company and wish him all the best,” said Michael Colgladier, CEO of Virgin Galactic. statment.
The company said that Evan Lovell, director of Virgin Galactic’s board, will be the interim chairman of the board, and a new chair is expected to be selected at a later date. Virgin Galactic said in a filing that Palihapitiya informed the board of his decision to resign on Thursday.
Virgin Galactic has made steady changes to its structure and branding Colglazier, who was appointed CEO in July 2020. Earlier this week, the company unveiled a new branding, replacing Branson’s iris in its logo with a purple outline of its spacecraft.